Euroclear Sweden to automate fund-transaction processing
21 January 2011 Stockholm
Image: Shutterstock
Euroclear Sweden has announced the launch of
its inaugural service to automate and standardise fund-transaction
processing. Fund management firms, fund distributors and transfer agents in
Sweden may now benefit from automated fund-transaction order routing
between relevant parties and settlement of the cash-related part of the
transaction on a straight-through processing basis at Euroclear Sweden.
Euroclear Sweden’s fund service will be extended to include automated
fund-unit settlement and asset servicing by mid-2011. In subsequent phases,
fund investors will also be able to hold their fund units in the same
Euroclear Sweden account where they already hold their equity and
fixed-income
positions. Euroclear Sweden also aims to provide registry services for fund
management companies.
Anders Löfgren, Head of Product Management at Euroclear Sweden, said: “The
Swedish fund market, which includes over 1,300 funds with an
estimated value of EUR 200 billion (SEK 1.9 trillion), is a sector where
Euroclear Sweden can add value by reducing back-office processing costs
and risks through automation and standardisation. The consolidated and
comprehensive fund service that Euroclear Sweden will offer is filling a
gap in transaction processing that should cut client processing costs, compared
with conventional manual processing procedures. We also intend to leverage
Euroclear Bank’s cross-border FundSettle service in providing Swedish firms
with access to over 50,000 foreign funds and trading counterparties
from over 30 markets via Euroclear Sweden.”
A number of Euroclear Sweden clients, representing the fund management,
transfer agent and fund distribution community, have signed up as pilot
users. These include: Carnegie Fonder, Catella Fondförvaltning, Nordnet AB,
Öhman Fonder and Öhman Fondkommission.
Björn Pettersson, Head of Administration at Carnegie Fonder, is very
positive about the initiative. “We welcome and take an active part in the
development of Euroclear Sweden’s fund services. We believe the initiative
will create more efficient, secure and standardised administration of the
ultimately, the end investor,” he said.
This new fund service at Euroclear Sweden is a core part of Euroclear’s
overall objectives for investment fund processing; a fully automated pan-
European investment fund solution giving all Euroclear clients easy access
to domestic and international funds, as well as a choice of services and
connectivity options.
its inaugural service to automate and standardise fund-transaction
processing. Fund management firms, fund distributors and transfer agents in
Sweden may now benefit from automated fund-transaction order routing
between relevant parties and settlement of the cash-related part of the
transaction on a straight-through processing basis at Euroclear Sweden.
Euroclear Sweden’s fund service will be extended to include automated
fund-unit settlement and asset servicing by mid-2011. In subsequent phases,
fund investors will also be able to hold their fund units in the same
Euroclear Sweden account where they already hold their equity and
fixed-income
positions. Euroclear Sweden also aims to provide registry services for fund
management companies.
Anders Löfgren, Head of Product Management at Euroclear Sweden, said: “The
Swedish fund market, which includes over 1,300 funds with an
estimated value of EUR 200 billion (SEK 1.9 trillion), is a sector where
Euroclear Sweden can add value by reducing back-office processing costs
and risks through automation and standardisation. The consolidated and
comprehensive fund service that Euroclear Sweden will offer is filling a
gap in transaction processing that should cut client processing costs, compared
with conventional manual processing procedures. We also intend to leverage
Euroclear Bank’s cross-border FundSettle service in providing Swedish firms
with access to over 50,000 foreign funds and trading counterparties
from over 30 markets via Euroclear Sweden.”
A number of Euroclear Sweden clients, representing the fund management,
transfer agent and fund distribution community, have signed up as pilot
users. These include: Carnegie Fonder, Catella Fondförvaltning, Nordnet AB,
Öhman Fonder and Öhman Fondkommission.
Björn Pettersson, Head of Administration at Carnegie Fonder, is very
positive about the initiative. “We welcome and take an active part in the
development of Euroclear Sweden’s fund services. We believe the initiative
will create more efficient, secure and standardised administration of the
ultimately, the end investor,” he said.
This new fund service at Euroclear Sweden is a core part of Euroclear’s
overall objectives for investment fund processing; a fully automated pan-
European investment fund solution giving all Euroclear clients easy access
to domestic and international funds, as well as a choice of services and
connectivity options.
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